|
|
|
|
|
|
|
|
|
Deferred Second Trust Deed Loans The San Diego Housing Commission (SDHC) offers Deferred Second Trust Deed Loans which provide funding of up to 25% of the purchase price. The loans are “deferred,” zero-interest loans, meaning you do not make payments or accrue interest for 30 years unless you sell or refinance the home – at which point you would share the appreciation (sales profits) with SDHC. They are “second” loans because they are in addition to your first, or primary, mortgage loan.
Following are the deferred loan programs offered through SDHC:
Citywide Shared Appreciation Program for Homes in the City of San Diego
Condominium Purchase Assistance Program (for tenants whose apartments are being converted to condominiums)
City of La Mesa Program (SDHC administers a Deferred Second Trust Deed Loan Program for homes purchased in the City of La Mesa. Equity sharing is not required.)
Eligibility & Income Requirements For all Deferred Second Trust Deed programs, applicants must be first-time home buyers, defined as not having owned real estate in the past three years. All programs are subject to income limits, have funds (at least 3% of the purchase price) available for a down payment and closing cost assistance, have good credit, and earn enough to cover payments on the mortgage loan (as well as annual property taxes and homeowner association fees if applicable). Maximum purchase prices may apply. Applicants are required to attend a home buyer education class. |
 |
|
 |
|
|
|
|